American International Group Inc.'s top boss Peter Zaffino benefited from a massive stock award to finish 2022 as the highest-paid CEO among US-listed property and casualty or multiline insurers, according to an S&P Global Market Intelligence analysis.

Zaffino became AIG's CEO in March 2021 and chairman of the board in January 2022. He received $62.4 million in stock grants in 2022, which made up the majority of his $75.3 million in total adjusted compensation for the year. The rest of the total comprised cash compensation of $1.8 million, $3.2 million in options and $7.8 million in non-equity incentive plan compensation.

The 2022 annual total compensation of the median employee identified by AIG was $84,240, reflecting a 1-to-894 ratio with Zaffino's total pay for the year, the highest difference among the top 10 CEOs in the analysis.

According to AIG's proxy statement, the compensation package included $50 million in restricted stock as part of an employment agreement to keep Zaffino as CEO until 2027. Excluding this stock award, Zaffino's compensation during 2022 was $22.9 million with a pay ratio of 1-to-272.

Hagerty, AIG CEOs garner largest pay increase ratio

Hagerty Inc. CEO McKeel Hagerty ranked second in terms of total compensation, at $34.3 million, which consisted of $1.1 million in cash and $33.2 million in stocks. At 790.6%, Hagerty's salary is the largest increase year over year for a CEO in the analysis. Data was not available to compare this figure to the median salaried employee at the company.

Zaffino had the second-largest increase year over year, as his compensation rose 243.8%. William Berkley of W. R. Berkley Corp. came in a distant third for percentage pay increases among the 10 highest paid CEOs with a rise of 16%. Overall, Berkley was the fifth-highest-paid CEO, with Evan Greenberg of Chubb Ltd. and Alan Schnitzer of The Travelers Cos. Inc. filling the third and fourth positions, respectively.

Greenberg received $25.2 million in total adjusted compensation, 346 times the median salary of a Chubb employee and an 8.5% increase from 2021.

Schnitzer received total adjusted compensation of $21.1 million, 194 times the median salary of a Travelers employee and an 8.7% jump from 2021.

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Christopher Swift of The Hartford Financial Services Group Inc. grabbed the sixth spot with total adjusted compensation of $16.1 million, a 1.7% increase year over year and 137 times that of a median employee at the company. The majority of Swift's pay was the result of stock grants, options and non-equity incentive plan compensation.

CNA Financial Corp.'s Dino Robusto took seventh place with total adjusted compensation of $15.1 million, 118 times that of a median employee at the company and a 5.8% increase from 2021.

Bottom 3 CEOs see compensation decline

The final three spots in the top 10 all saw their compensation decline year over year, with The Allstate Corp.'s Thomas Wilson recording the largest change, down 18.3%. Even with the decline, Wilson received $15 million in total compensation, 226 times the median salary of an Allstate employee.

Assured Guaranty Ltd.'s Dominic Frederico's salary fell 6.4% year over year to $13.6 million, putting Frederico in ninth place. The Progressive Corp.'s Susan Griffith recorded an 11.9% pay decline from 2021 to $12.7 million. Frederico and Griffith made 44 times and 198 times the average median employee salary at their respective companies in 2022.